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Why Ethiopia, Nigeria Swapped $100M
Why Ethiopia, Nigeria Swapped $100M
The central banks of Ethiopia and Nigeria have swapped USD 100 million in blocked funds as both countries struggle with severe shortages of hard currency.
The currency deal involves swapping revenues of Ethiopian Airlines from Nigeria and earnings of Dangote Cement in Ethiopia, as the two companies struggled to repatriate profits amid forex shortages in both countries.
The swap arrangement enables Ethiopia to access funds blocked in Nigerian banks, while Nigeria gains access to money held up in Ethiopia.
Ethiopian Airlines is the largest foreign carrier operating in Nigeria, with extensive flight networks spanning major cities like Lagos, Abuja and Kano.
The airline benefits from strong demand from Nigerian travelers going abroad but much of its revenue has been blocked as Nigeria struggles with critical shortages of foreign exchange, making swapping the last resort.
Dangote Cement has been a major player in Ethiopia’s construction sector for over a decade. The company has the capacity to produce 2.5 million tons of cement yearly.
However, as Dangote became unable to repatriate its profits in Ethiopian currency, money began piling up within the country, according to company sources.
With funds stuck in Ethiopia, the central bank finally offered Dangote a currency swap proposal, allowing it to exchange its excess Ethiopian birr for USD held by overseas firms operating in Ethiopia.
Officials say the currency swap allows Ethiopia to access funds blocked in Nigerian banks – including large amounts owed to Ethiopian Airlines – while Nigeria gains access to Ethiopian funds through Dangote Cement, a major Nigerian firm operating in Ethiopia.
Sources at the Central Bank of Ethiopia confirmed it had reached an agreement with its Nigerian counterpart to conduct a “temporary swap of foreign currencies.”
Aviation sources say Ethiopian Airlines exchanged USD 100 million of the USD 180 million in blocked funds in Nigeria for birr from Dangote Cement.
“The National Bank will pay us the equivalent swapped amount in birr,” Ethiopian Airlines CEO Mesfin Tassew told The Reporter, adding there are no plans to swap the remaining amount.
Sources say Dangote still has over USD 200 million unrepatriated from Ethiopia.
Nigeria has faced a critical shortage of foreign currency reserves recently.
The central bank of Nigeria has had to ration dollars to reduce the strain on its reserves, which fell from a peak of USD 62 billion 15 years ago to around USD 36.6 billion in December. This followed a drop in crude production in Africa’s largest oil producer due to rampant theft, vandalism and declining investment.
Ethiopia’s foreign exchange shortage has reached critical levels, making it difficult for the country to import essential goods like pharmaceuticals and industrial inputs. Ethiopia’s forex reserves are insufficient to cover even one month of imports.
The dearth of hard currency has also discouraged much-needed investment in Ethiopia, forcing the National Bank of Ethiopia to introduce reforms aimed at easing the constraints facing investors.
The central bank has now begun providing guarantees allowing investors willing to invest in key sectors through public-private partnerships with the Ethiopian government to repatriate their profits.
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TYO National Competition Concludes with Exceptional Display of Oratory and Critical Thinking
The TYO 2026 National Competition concluded with an impressive showcase of oratory, critical thinking, and a compelling demonstration of the skills developed by participants during a four-day intensive boot camp. The programme commenced on Monday, April 27, with semifinals held on April 29 and the finals on April 30, 2026.
The final event was marked by an emotional moment as the winner was announced to an enthusiastic reception from the audience. Participants were evaluated on key competencies including reasoning, content, structure, audibility, and audience engagement. The competition stood as a clear demonstration of what can be achieved when young minds are given the opportunity and space for intentional development.
TYO is a communications platform and an expression of the Peat Philips Foundation, committed to instilling leadership, communication, and public speaking skills in young people. The initiative focuses on building strong character and empowering participants to embody the change they seek, not only through words but through aligned actions.
The boot camp incorporated multiple dimensions of learning, including structure, intent, goal-setting, character development, reasoning and effective audience engagement. These components provided participants with the opportunity to refine their speaking abilities while unlearning habits that no longer serve their growth. The experience also fostered peer learning, as participants engaged closely with other qualified individuals within the programme.
Beyond the competition, TYO serves as a broader platform dedicated to developing young people into confident communicators and ambassadors of their communities and country. The competition itself is one of several initiatives aimed at preparing a Nigerian representative for the International Public Speaking Competition scheduled to take place in the United Kingdom in July this year.
Looking ahead, preparations are already underway for the 2027 edition of the TYO Boot Camp. The organisers express hope for continued and increased support from sponsors and partners to sustain and expand the programme. This support is essential to reaching more young people and strengthening a critical area of development, not only for Nigeria but for the African continent at large.
For partnership and sponsorship inquiries, interested parties are encouraged to connect with the organisers to support the mission of raising a generation equipped to serve and lead effectively. Contact: 08071825959, [email protected].
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Ajadi Visits Ilaji Resort, Commends Sanusi’s Vision for Oyo’s Economic Growth
Ajadi Visits Ilaji Resort, Commends Sanusi’s Vision for Oyo’s Economic Growth
The leading gubernatorial aspirant in Oyo State under the Peoples Democratic Party (PDP), Olufemi Ajadi Oguntoyinbo, has lauded the transformative impact of private-sector investment on the state’s economy, following a courtesy visit to Ilaji Hotels and Sports Resort in Akanran, Ibadan.
Ajadi, who was warmly received on Sunday by the resort’s founder, Chief Dr Dotun Sanusi, described the facility as a symbol of what visionary leadership and indigenous enterprise can achieve in driving rural development, job creation, and tourism growth.
Speaking during the visit, Ajadi commended Sanusi’s commitment to Oyo State’s economic advancement, noting that Ilaji Resort stands as a model for sustainable development outside urban centres.
“What I have seen here today is not just a business venture, but a bold statement of belief in Oyo State’s potential,” Ajadi said. “Chief Sanusi has demonstrated that with vision, dedication, and strategic investment, we can transform our rural communities into thriving economic hubs. This aligns perfectly with my agenda to expand opportunities, empower our people, and sustain development across the state.”
[4/13, 6:34 PM] johnsonakinpelu: The PDP gubernatorial aspirant emphasised that his governorship ambition is rooted in supporting initiatives that promote local enterprise, tourism, and youth employment, adding that partnerships between government and private investors would be a priority if elected.
In his remarks, Sanusi, popularly known as Ilaji, expressed delight at hosting Ajadi and his entourage, describing the visit as encouraging for investors in the state.
“I am honoured to receive Ambassador Ajadi here at Ilaji Resort,” Sanusi said. “This project was born out of a desire to give back to society, create jobs for our youths, and showcase the rich cultural and tourism potential of Oyo State. When leaders recognise and support such efforts, it strengthens our resolve to do more.”
Sanusi further stressed the importance of continuity in governance and policies that encourage investment, noting that consistent support from government actors is crucial for long-term economic growth.
The visit also attracted notable political stakeholders, including the former Ona-Ara Local Government Chairman, Hon. Taiwo Oke, Hon. Bass Oloko, and Ajadi’s personal assistant, Kilamuwaye Badmus, among others.
Observers at the event described the meeting as a convergence of political leadership and entrepreneurial vision, highlighting the growing importance of collaboration in addressing developmental challenges in Oyo State.
Analysts see Ajadi’s visit to Ilaji Resort as part of his broader engagement with key stakeholders across sectors, as he continues to build momentum ahead of the 2027 governorship race.
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FOPCHEN Calls for Dialogue as Court Fixes May 28 for Continuation
FOPCHEN Calls for Dialogue as Court Fixes May 28 for Continuation
OTA, OGUN STATE — Proceedings in a widely followed legal case resumed on March 24, 2026, at the High Court of Ogun State, Ota Division, ending with a fresh adjournment as the court fixed May 28, 2026, for continuation.
During the session, legal representatives for all parties restated their positions and addressed preliminary matters, laying the groundwork for more substantive arguments at the next hearing. Observers noted that the case continues to attract significant public attention due to its perceived implications for law, culture, and societal values.
The Foundation for the Protection of Cultural Heritage in Nigeria (FOPCHEN) used the occasion to reiterate its call for constructive national dialogue. The group emphasized that while the judicial process must be respected, broader societal engagement remains essential.
According to the organization, issues relating to values, responsibility, and cultural identity should not be confined solely to courtroom deliberations but should involve active participation from various sectors of society.
Legal analysts present at the proceedings described the matter as one with far-reaching implications, noting that arguments advanced in court could shape future interpretations surrounding sensitive cultural and moral questions.
The presiding judge subsequently adjourned the case to May 28, granting all parties time to refine their submissions and respond to issues raised during the hearing.
As anticipation builds ahead of the next court date, Nigerians across different sectors continue to monitor developments closely, keen to see how the judiciary navigates the delicate balance between constitutional rights and cultural expectations.
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